Dish TV India Ltd. share price target and research reports

Name: Latest research reports of Dish TV India Ltd. authored by Geojit BNP Paribas and published by - Trendlyne research reports.
Item: Dish TV India Ltd.
Rating: 1
Author: Geojit BNP Paribas

Latest analyst research reports with target prices and PDF download for DISHTV, BSE:532839 Dish TV India Ltd.

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Dish TV India Ltd.

29 Aug 2019

4.95

2.06%

DISH TV INDIA LIMITED

Sell: Dish TV India Ltd.

Recommendation Target

Geojit BNP Paribas

Topline netted for the content cost as pass through expense Dish TV posted Q1FY20 revenue of Rs. 926cr (vs. Rs. 1,656cr in Q1FY19). This quarter onwards, company started netting off the content cost from revenue to better reflect the new tariff regime. On comparable basis, revenue declined 7.7% YoY to Rs. 1,528cr. Subscriber revenue accounted for 89.2% of total revenue (-44.5% YoY to Rs. 826cr). Company continued to add subscribers with 209k net additions during the quarter with more than half of the net additions being HD subscribers (total subscriber base reaching 23.9mn). Management expects the subscriber revenue to pick up in the...

Dish TV India Ltd. has lost -66.89% in the last 1 Year

Dish TV India Ltd.

27 May 2019

4.95

2.06%

Dish TV (4QFY19): Weak performance; stake sale likely! Maintain BUY

Buy: Dish TV India Ltd.

Target

HDFC Securities

DITV's poor execution, governance (aggressive accounting and BS issues) and sharp swings in ARPU has already irked investors. Sharpened focus and tightened execution on subscriber quality is inevitable for sustained re-rating. Our faith has diminished in DITV as its mgmt/promoters have been unable to deliver over a long period. But, possibility of it getting acquired with mgmt change is possible. This is key. Dish TV (DITVs) 4QFY19 was significantly weak. This was led by disruption on account of new tariff order (NTO) implementation. Led by steep price correction, DITV is trading at attractive 5x FY21E EV/EBITDA. BUY with TP of Rs 51 at 7x. Stake sale by promoters for group de-leveraging is key trigger.

Dish TV India Ltd. is trading below all available SMAs

Dish TV India Ltd.

06 Feb 2019

4.95

2.06%

Dish TV

Not Rated: Dish TV India Ltd.

ICICI Securities Limited

Overall revenues came in at | 1517.5 crore (down 4.8% YoY) much below our expectations of | 1635.1 crore, on account of subdued subscriber addition of 142,000 vs. 300,000 net additions while ARPU was at 200, down 3.8% QoQ (vs. | 211 & 2% QoQ growth expectations) with subscription revenues declining 2.8% QoQ to | 1412.6 crore (vs. expectation of 3% growth EBITDA came in at | 517.6 crore (vs. | 562.1 crore estimate) while margins came in at 34.1% vs. our expectation of 34.4% on account of...

Dish TV India Ltd. is trading below all available SMAs

Dish TV India Ltd.

05 Feb 2019

4.95

2.06%

Dish TV (3QFY19): Losing grip! Maintain BUY

Buy: Dish TV India Ltd.

Target

HDFC Securities

Maintain estimate and TP of Rs 50 @ 7x Dec-20E EBITDA. Our positive view on DITV is led by its inexpensive valuations (4.5/4.3/4.1x FY19/20/21E EV/E) on negligible growth assumptions. DITVs 3QFY19 was in-line but weak. Modest subscriber additions at 142k and 3.5% QoQ decline in ARPU (2nd quarter in a row) to Rs 200 were key negatives. Performance may further weaken as Jio starts its competing Giga Fiber services.

Dish TV India Ltd. is trading below all available SMAs

Dish TV India Ltd.

30 Oct 2018

4.95

2.06%

Dish TV

Hold: Dish TV India Ltd.

Target

ICICI Securities Limited

Overall revenues came in at | 1594.3 crore (3.4% lower than our expectation), on account of 3.3% QoQ decline in ARPU vs. our expectation of 1% QoQ decline while subscriber addition was at 200,000 (vs. 250,000 expectation) EBITDA came in at | 540.6 crore (vs. | 565.9 crore expectation) while...

Dish TV India Ltd. is trading below all available SMAs

Dish TV India Ltd.

26 Oct 2018

4.95

2.06%

Dish TV (2QFY19): Disappointing: History repeats. Maintain BUY

Buy: Dish TV India Ltd.

Target

HDFC Securities

We have reduce our revenue est by 3-6% and EBITDA by 4-11% for FY19-21 to factor Dish's consistent disappointments and impending risk from Jio especially post the acquisitions of leading MSOs. We reduce our target multiple from 9x to 7x Sep-20E EV/EBITDA. Our revised TP is Rs 56. In 2QFY19, Dish TVs (DITV) weak subscriber additions (200k vs. est of 275k) and 3.4% QoQ decline in ARPU to Rs 207 were key negatives. This is even when Jio hasnt started its services. Revenue declined 3.7% QoQ to Rs 15.9bn (est Rs 16.4bn) and EBITDA 2.9% to Rs 5.4bn (est 5.5bn).

Dish TV India Ltd. has lost -66.89% in the last 1 Year

Dish TV India Ltd.

11 Jul 2018

4.95

2.06%

Dish TV

Hold: Dish TV India Ltd.

Recommendation Target

ICICI Securities Limited

Dish TV reported strong performance on subscription revenue owing to (i) Price hikes across majority of the packages (ii) Lower discounts at package level (iii) Higher share of HD subscribers in net additions. The subscriber additions also picked up during the sports heavy quarter and also on festivities. Subscription revenues stood at | 1489.3 crore, which was up by 8.1% QoQ attributable to strong performance at ARPU level i.e 6.5% QoQ growth to |214 (vs our expectation of 2% QoQ growth). Subscriber...

Dish TV India Ltd. has lost -66.89% in the last 1 Year

Dish TV India Ltd.

10 Jul 2018

4.95

2.06%

Dish TV (1QFY19): Dish 2.0 - Good start, sustainability key

Buy: Dish TV India Ltd.

Target

HDFC Securities

BUY with a TP of Rs 99 (9x Jun-20E EV/E). Dish TV (DITV) reported a healthy 8% QoQ revenue growth. This was led by 6.5% ARPU growth on account of higher HD contribution, lower discounts and price increases across recharge packs. Led by robust revenue growth, EBITDA adjusted for one-time merger expenses in 4QFY18 increased by 20.9% (reported 39%).

Promoters unpledged 0.04% of shares in last quarter. Total pledge stands at 11.64% of promoter holdings

Dish TV India Ltd.

10 Jul 2018

4.95

2.06%

A turnaround quarter; merger synergies to propel growth

Buy: Dish TV India Ltd.

Target

Motilal Oswal

10 July 2018 After witnessing a weak performance over the last few quarters, Dish TV (DITV) post its merger with Videocon rebounded strongly in 1QFY19. Subscription revenue grew 8% QoQ to INR14.9b, driven by steady 7% QoQ ARPU growth, leading to 8% QoQ growth in consol. EBITDA grew by a robust 39% QoQ to INR5.6b (27% beat), led by revenue growth and 3% QoQ opex savings. merger one-off costs of INR0.6b in 4QFY18) rose 21% QoQ. EBITDA margin expanded 750bp QoQ to 33.6%.

Dish TV India Ltd. is trading below all available SMAs

Dish TV India Ltd.

10 Jul 2018

4.95

2.06%

Dish TV reported strong numbers after few quarters of dismal performance. Subscription re...

Accumulate: Dish TV India Ltd.

Target

Emkay

opex declined by 2.9% qoq (up 2.5% qoq adjusted for one-time cost of Rs600mn in Q4FY18), but 6% higher than our estimate. Strong Q1FY19 performance sets positive momentum, as major benefits of cost synergies from merger would reflect in the coming quarters. We continue to highlight that consistency in performance is key due to past baggage of underperformance. We raise EBITDA estimates by 4%/2% for FY19/20E, driven by higher ARPU assumptions. Cable TV distribution companies have corrected significantly with JIO's announcement to launch JIO Fibre and JIO TV while Dish TV has been stable due to ongoing open offer....

Dish TV India Ltd. has lost -66.89% in the last 1 Year

Is Dish TV India Ltd. worth buying?

455 Votes:

Buy 72.97%

Sell 16.92%

Hold 10.11%